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APP fraud: UK PSR consults on CHAPS mandatory reimbursement requirement

The Payment Systems Regulator (PSR) is consulting on a proposal to direct banks and other payment firms participating directly or indirectly in CHAPS (the UK’s high-value payment system) to reimburse their customers who have...more

UK Consumer Duty: FCA gives more implementation feedback and some focus areas for closed books work

On 20 February 2024, the FCA published details of recent good practice in Consumer Duty implementation and highlighted areas for improvement. As well as this, the FCA also published the results of a second survey of firms on...more

UK “de-banking”: Government publishes draft legislation on changes to termination rules for PSPs

In July 2023, the UK government committed to changing the requirements on payment service providers (PSPs) when terminating payment service contracts. HM Treasury has now published draft regulations amending the Payment...more

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